Many statistical textbooks define regression analysis as a statistical tool that is used mainly for description or prediction. Based on this statement, provide two examples of an application or applications using regression analysis for decision-making—one for description and one for prediction.

Answered: Many statistical textbooks define…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section: Chapter Questions

Problem 2SGR

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Question

Many statistical textbooks define regression analysis as a statistical tool that is used mainly for description or prediction. Based on this statement, provide two examples of an application or applications using regression analysis for decision-making—one for description and one for prediction.

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Introduction :

Regression analysis is a statistical tool that plays an important role in decision-making by providing insights into relationships between variables and making predictions. Regression analysis is used for both description and prediction purposes, with the primary difference being the purpose for which it is used. In this answer, we will provide two examples of applications of regression analysis in decision-making, one for description and one for prediction. These examples will help demonstrate the utility of regression analysis in a variety of contexts.